Casino regulatory authority on the cards with the increase in gambling ECT cranes due next month
Sri Lankan authorities have officially taken a decision for the establishment of a gaming regulatory authority in the wake of ever increasing tax evasion by a handful of local casino owners, Finance Ministry sources disclosed.
The new authority would oversee casino tax collection, counter criminal activity and negative societal impacts from gaming, State Minister of Finance Ranjith Siyambalapitiya said.
The Cabinet gave a green light to this authority, following a proposal submitted by the President recently.
The government has been trying to set up a regulatory body, aimed at ensuring casino owners pay their fair share of taxes.
It has also been agreed to issue new casino licences, revealing that a 2010 law regulating casinos required such licences, but that none had been issued.
According to recent estimates of the ministry, a sum of US $7.4 million in casino taxes was in arrears due to the lack of regulatory oversight.
Ten new operators have applied for licences to establish casinos in the country but the government is yet to grant its approval, Mr. Siyambalapitiya disclosed.
Minister Siyambalapitiya said the applications were in various stages of evaluation and no licences have been issued so far.
Six casinos are currently operating in Colombo including Bally’s, Bellagio Entertainment, Casino Marina, Stardust, Continental Club, and The Ritz Club.
The government has introduced new laws on casinos making way for the levying of a sum of Rs. 500 million when granting a licence for a period of five years, he said adding that entrance fees for casinos will be increased.
The government planned to increase the fee to $200 over three years to discourage locals visiting casinos, he said.
Colombo Port's East Container Terminal (ECT) is scheduled to receive three cranes from China by early February that will ensure it becomes operational by June this year.
Sri Lanka Ports Authority (SLPA) Chairman Keith Bernard said the three cranes were delayed in loading from China and the shipment that was expected on January 25 will now be arriving in the first week of February.
In the meantime, there is an issue with the ECT yard, the Chairman said noting that due to silting they need to ensure that the filling is properly settled.
This problem had arisen about six months back, he said adding that they have now carried out their investigations regarding this issue and carried out the necessary remedies.
It was pointed out that there is silt in the reclaimed land when filling that area and as a result there are pockets that need to be further filled in order to ensure that the cranes that run on the rails do not get disaligned.
Cranes now fitted at the ECT need to be fixed onto the Jaya Container Terminal (JCT) for which those cranes were meant for.